13 March 2020 THE RECONSTRUCTION PLAN OF THE LARNACA MARINA

Encouraging the Troika estimates for 2016

Encouraging signs for the Cypriot economy , resulting from the new update scenario in the second evaluation of the loan program by the Troika.

In the memo tabled by Finance Minister Haris Georgiadis , to the Cabinet dated 28 November , which now reveals ANTENNA , the revision of the forecasts concerning the growth rate , public debt , current account balance , unemployment , income and government spending , revenues from taxes and spending on social policy.

Under the new macroeconomic scenario , by 2016 , as recorded in the memo of the Minister of Finance , the main figures estimated to be as follows. For the growth rate :

For the hot topic of unemployment , the rate for 2013 is expected to rise to 16.7 % compared with 17 % under the previous scenario Troika . For 2014 provided for deterioration due to continued steep adjustment in the labor market , with unemployment rising to 19.8 %. In 2015 and 2016 , provided a marginal improvement , but will remain at high levels .

Shown significantly improved the current account balance and even by 2014 is expected to be in surplus . While the primary balance , which in 2013 has worsened compared to the original estimates because of compensation granted to provident funds and pensions to former Democratic since 2014 , will begin to show significant improvement.

Public debt remains unchanged and estimates that 2013 will reach 114 % of GDP . In 2014 , expected to rise to 124.4 % , while the 2015 and 2016 projected to fall to 120 % and 114 % , respectively, as a percentage of GDP .

Social expenditure is projected to increase in 2014, to two billion 658 million euros , compared to two billion 573 million euros this year , an increase of 3 % . Due to rising costs of unemployment and redundancy , in conjunction with the non- adjustment of pensions .